The New York Insurance Department issued Circular Letter No. 4 (the “Circular Letter”) on February 19, 2009, which is directed to foreign insurers and reinsurers whose home state regulator or domiciliary regulator has “prescribed or permitted accounting practices that differ from the requirements of the New York Insurance Law.” In this Circular Letter, the New York Insurance Department advises such foreign (re)insurers that “[a]ll such differences must be appropriately reflected in the New York Annual Statement Supplement [filing] by adjusting the insurer’s assets, liabilities and surplus on a New York basis.”
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